BuzzFeed CEO Jonah Peretti made the announcement that the news company will cut 12% of its staff in a recent memo to the members of the company.
This means that the company will let go of approximately 180 employees.
Peretti insisted that the economy—not the company’s approach to reporting the news—is to blame.
“Our revenues are being impacted by a combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video, which is still developing from a monetization standpoint,” he said.
“This requires us to lower our costs,” he continued. “Unfortunately, reducing our workforce is an essential part of cost cutting.”
Peretti also slipped in a comment that suggested that the company might not be so overtly political, like its subsidiary, the faltering Huffington Post.
“The path I’m laying out today is the result of a deliberate and collaborative resource allocation review among the leadership team, which prioritizes: Investing in areas that will drive growth, and shifting away from areas with less audience engagement; And, building a more robust creator business, which requires a close conduit between content, business, and tech, and bringing additional skills and tools to the organization.”
BuzzFeed is far from the only left-wing media outlet feeling the sting of reality.
After years of aggressively partisan and openly biased cheerleading for Democrats and their far-leftist agendas, several legacy media outlets are falling victim to their own woke agendas after banking their credibility on the corrupt Biden administration.
The heavily taxpayer-funded NPR reported earlier this month that it will engage in “close to a total hiring freeze.”
“It is incredibly hard to say goodbye to any one member of the CNN team, much less many,” Licht wrote in a company-wide memo that informed the job cuts were “part of a recalibrated reporting strategy.”